After testing the key 1.2448 support level, the GBPUSD currency pair has staged an impressive rebound, rallying to the 1.2553 area in recent trading sessions. This bounce higher is likely the resumption of the broader uptrend that originated from the 1.2299 low. 
depositphotos .
Further Upside PotentialFollowing the rebound from the 1.2448 support, further upside follow-through in the GBPUSD appears likely over the coming days. The first key upside target for the pair is the 1.2633 resistance level. If buyers can push the GBPUSD above 1.2633, it would likely confirm that the broader upside move from the 1.2299 low has resumed, with the next key target in the 1.2700 area. Key Support at 1.2500While the technical outlook has shifted to a more bullish bias in the near-term, traders will want to keep a close eye on the 1.2500 area as initial support. A breakdown below this level could see the GBPUSD retrace back toward the 1.2448 support zone. If the 1.2448 support gives way, it would open the door for a potential decline toward the 1.2400 area, followed by a retest of the 1.2299 previous low. Key Levels to WatchFor now, the key levels to watch in the GBPUSD are the 1.2633 and 1.2700 upside targets, along with the 1.2500, 1.2448, 1.2400, and 1.2299 support areas.As long as the pair remains above 1.2500 support, the near-term technical bias will remain tilted to the upside, with the 1.2633 and 1.2700 levels being the next objectives.However, a breakdown below 1.2500 and 1.2448 would likely signal a more substantial pullback is underway, with the potential for a retest of the 1.2299 low if the 1.2400 support gives way.The GBPUSD has shifted to a more bullish near-term technical outlook after the rebound from the 1.2448 support. While further gains appear likely, traders will want to keep a close eye on the key support levels for potential signs that the upside momentum could be stalling.More By This Author:EURUSD At Critical Trendline Resistance: Downtrend Resumption Or Bullish Reversal?Bitcoin Extends Pullback, But Longer-Term Uptrend Remains IntactUS Dollar Extends Rally Against Japanese Yen
Leave A Comment